In the healthcare industry, critical data is scattered across many systems. Because of this, it is often inaccessible for those that really need it. It is nothing new that the infrastructure in the healthcare industry is inadequate and has huge problems when it comes to information exchange.
Blockchain technology can fix some problems related to data organization in healthcare. For starters, it removes the need to have a unique central administrator to manage data. Every single user controls the information and the transactions happening on the blockchain. Healthcare deals that have confidential patient information need quick access. Blockchain can solve this and streamline the entire process. Basically, in just one go, blockchain offers scalability, data privacy, and security.
Unfortunately, under 10% of CIOs and 12% of the executives in the healthcare industry consider blockchain at the moment for future investments. This is a huge potential mistake because blockchain has some clear benefits when used in healthcare.
Longitudinal, Single Patient Records
Patient records can become much more complex and easier to access when using blockchain technology. This is because all the data related to the patient, including disease, episodes, treatments, and lab results are listed on the ledger. Basically, this can make it so much easier to deliver proper care because patient records are available for anyone that need them.
Mastering Patient Indices
In many cases, when you deal with data in healthcare, records are duplicated or mismatched. In addition, different EHRs use different schema for the fields used. This means that different ways are needed to manipulate and enter even simple data sets.
When blockchain technology is used, data sets are hashed to ledgers. Users can look for addresses and quickly gain access to every single bit of information added in the past, regardless of who added it or when.
Automatic Claim Verification
Blockchain works based on exchanges that are validated between parties. Due to this, claims are automatically verified whenever networks agree that contracts should be executed in a specific way. In addition, because of the lack of the central authority figure, fewer errors can appear and the number of frauds is reduced.
Managing The Supply Chain
Contracts that are blockchain-based can easily assist healthcare organizations to monitor the cycles of supply and demand. This is possible through the entire lifecycle of a product and can include data like how the transaction happens, if contracts are successful or not, and if delays appeared in the past.
This is one of the fundamental parts of the blockchain. Interoperability appears when sophisticated APIs are used to improve the reliability of data storage. The blockchain network is shared with authorized providers in a way that is standardized and secure. This eliminates the burden and cost associated with the reconciliation of data.
The blockchain can also transform the entire revenue cycle management, clinical trials, drug supply management, and can prevent frauds. Why wouldn’t this be a very good option for the healthcare industry?
To sum up, the potential that blockchain offers for the healthcare industry is endless.